Property Management....Should I or Shouldn't I??

Okay..I am working on my brokers license...and my goal is to start my own little brokerage firm. One of the things I am interested in doing, in my local area is property managment, I don't know much about the ins and out of it...so I am soliciting advice, opinions..or anything else. I have lost many rental listings (my company lists rental, but, we don't manage them) I feel like that is lost income down the road somewhere, if they ever want to sel.....Anyway, thoughts? Comments...Advice would be appreciated

I can't handle the papertrail needed for property management. I have been overwhelmed by rental properties in the past and the compensation was not worth it to me. I would definately write a pros and cons list definately.

I ran a very successful property management company here in Orlando for almost three years. It was successful because we did all the work! It is VERY hard work and during that time I did not switch my cel phone off. I mean that literally!!

Build a team including associates to allow you to take a break once in a while. Have contractors on your team willing to service customers at any time of day. The record keeping can be daunting so you need to develop a tracking system for each property which will tell you everything that's ever happened there. Set standards and screen tenants well and you'll have a better outcome!

I have aligned myself with a property management broker here in town. The referral fee ain't all that great but he is on top of things and respects the relationship to have me list the home for sale while he has it for rent and allows me to market it as such. For me this was the best solution!

So what I am hearing is the work, may not be worth the compensation....so here is a questions....(this was sort of the method to my madness) When you were managing property (if you were licensed)were you able to list the property when it was time to sell...or the other side is...the renters ...did any of the renters utilize your service to purchase a property...I have heard that property managment, in itself it a pain..but I was hoping that the benefits of listing/potential buyers...would be there...any thoughts??

By doing it properly I made a lot of friends with my owners and I took good care of the renters. I more than doubled the size of the company over three years and sold it for more than 300% profit. It was extremely hard work and it always will be if you do it right. A lot of companies here still make money out of it but they don't do it right.

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